The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1887-12-24
Correspondence Baltimore County Umion.
THE COUNTY FUNDS AND THE TOW.
SON NATIONAL BANK.
Towsosrows, December 22d, 1881

SON NATIONAL BANK.
TowsoNTowN, December 22d, 1887.
Editors Union:-I have read with careful at
tention the letter Of your correspondent, "Agric
OLA" who announces that he is plain man, but
who selects Latin word with which to hide his
identity. The tone Of "Agrcolas" letter leads to
the belief that he writes rather with the intention
of injuring the Towson National Bank than from
a sincere desire to obtain the information for
which he processes to be SO anxious. As happen
to be stakeholder and depositor of the Towson
Bank to a small extent, (and no one regrets more
than do that it is only to so small an extent)
went to the officers of that institution for some in
formation on the various topics suggested by
"Agricoa's" letter. Had "Agricola" stated fairly
the case to 'the great stir" made to obtain the
deposit of the county funds, he would not have
omitted to notice the appearance before the Coun-
ty Commissioners of the Manufacturer National
Bank, represented by its president and other
officers and friends, who laid great stress on the
facts that their directors were for the most part
Democrats that they we're wealthy and employed
several hundred men-presumably voters on the
strength of which they asked the Commissioners
to disregard the claims of the only bank in the
county and give the custody of the county funds
to theirs, city concern. The directors of the
Towson National Bank made no such boasts
They did, however, state that each and every di-
rector of their bank is not only q resident of Bal
timore county, but is also engaged in business
therein. I will add that they are men who are
well known to be of uuimpeachable character and
recognized business capacity. For "Agricola's"
benefit 1 name them: John G. Cockey and Col.
Walter S. Franklin, of the 9Th district; Edward
Austen, of the 10th district; John W. Shanklin,
N Chas. Burke, Emanuel Herman and John I.
Eusor, of the 9th district. have further learned
that the number of stockholders is about thirty
five and that no single stakeholder, either indi-
- IN ntunc mr. maj nrikv
of the shares. The largest stakeholder is the
Commercial Fire Insurance Company of Baltimore
city, Elisha S. Heath, president The directors
themselves are, with this exception, the largest
stockholders. Every intelligent man knows that
no bank control the ownership of its stock
The shares which I own to-day may be bought
from me by another person tomorrow without the
directors being able to prevent the transfer. y
"Agricola" wishes to learn what is thought of the
Towson Bank by those who know most about it,
let him try if he can buy any of its shares from
their present holders without paying good pre-
MUM.
From "Agricola's" undisguised hostility to the
Towson Bank am justified in assuming that he
appears in print as the champion of the Manufac-
turers' National Bank. AS is well known, every
national bank is required to publish about FIVE
times year a statement Of its condition, vouched
for by the oath of its cashier and directors.
number of such statements made by city banks
recently i
ask "Agricoa," upon review of those compare
tive statements, to tell why, OF all the banks in
Baltimore city, the Manufacturers should be Sc
lected by our County Commissioners as their
favorite concern. This is what Dundreary would
call zone of those things no fellow make out"
It is an undoubted fact "that the place of de-
post for the county funds was made direct issue
in the last primary campaign" The issue was
not made by the bank but by the public Upon
that issue Mr.. Todd made his fight and won it.
Because they took the opposite course and ignored
the claims of the home institution his two former
colleagues relegated to private life. Again
and again it insisted on in the columns OF the
Baltimore County Democrat that the Democratic
voters of his district ought to support Mr.. Todd
because he alone of the County Commissioners
favored the placing of the county funds in the
county bank. It must be remembered that the
Democrat is edited by Mr.. Frank I. Duncan, Mr.
Todd's confidential friend, who has been chosen
as one of the law advisers of the present County
Commissioners. Since that appointment took
place the voice that pleaded so earnestly be-
half of "home rule" has become still. l could add
nothing to what was so ably said by Mr.. Duncan
in his paper as to the inconvenience resulting
from the system of paying the county employees
with checks drawn on the city. The holders of
the checks could. of course take them to the city
to be cashed, which would doubtless inure to the
benefit of city merchants and to the loss of coun-
ty merchants.
"Agricola" objects to the Towson Bank charg-
ing commission for cashing checks drawn ON a
city bank by the County Commissioners. This is
one of the regular and legitimate sources of
bankers profts-a profit which he voluntarily
foregoes when the check is presented by one of
his own depositors. The County Commissioners
are not depositors of the Towson Bank and there
is no reason why their checks should be exempt.
"Agricola" is mistaken in supposing that the
Towson Bank has ever received any money as
deposit held subject to withdrawal by the Com
missioners on their order, excepting some small
road accounts, checks on which are paid without
charge. 1t is true that the Treasurer has from
time to time on his own responsibility, deposited
money las Collector, not as Treasurer,) in the
9f&s IL RRa 70 and Withdrawn it in very short
instead of his own safe until sufficient amonnh,tt
| has accumulated to make respectable deposit in
the city bank favored by the County Commission
ers. If it had been otherwise would not the Com
missioners have given to their employees checks
drawn against the money deposited in Towson
Bank? In this way the Treasurer is relieved from
the risk of keeping money in his own safe, and
from the expense, trouble and loss of time in
volved in daily trips to the city, Every business
man knows that there is no profit to a banker in
the deposits Of single depositor, certain to be
| entirely withdrawn at very short intervals.
| Every sentiment of local pride should prompt
our County Commissioners to brush aside the
imsy web of excuses that their protested frien DIS
are artfully weaving for them. There is no valid
reason why the Towson National Bank should not
be the depostary Of the county funds. Every
Baltimore county man should help to support this
bank and make it a success. have not heard of
any county but this in which the county funds
are not kept in the bank Of the county town where
| there is a bank. Look at Hartford, Carroll, Fred
erick and other counties, and shall we prove our
selves inferior to them in local spirit and desire
to build up home institutions?
do not think that any useful purpose would
be served by publishing Gas "Agricola" suggests)
a list of the stockholders of the Towson National
Bank, but think it probable that the officers of
the bank would furnish him such list on condi-
ton of his publishing it side by side with list of
the stockholders Of the Manufacturers' National
RonL